MCSO: Texas man fraudulently sold foreclosure homes

Published: Friday, April 19, 2013 at 2:45 p.m.

Last Modified: Friday, April 19, 2013 at 2:45 p.m.

A man who authorities said fraudulently sold two foreclosed homes and collected thousands of dollars in down payments, closing costs, monthly payments and insurance policies has been arrested in Texas and will be extradited to Marion County.

Ricardo Wright was picked up Thursday by Detective Jose Garcia of the McAllen, Texas, Police Department on a warrant for larceny.

Wright, 35, who officials said was operating under the name David Smith, will be brought to Marion County to face two counts of organized fraud, three counts of grand theft and one count of exploitation of an elderly person.

The cases, which were being investigated by Detective Todd Tucker of the Marion County Sheriff's Office, began in July 2012 when a representative from Rialto Capital Management notified the agency that a woman had moved into one of their foreclosure properties in the Rainbow Park subdivision, in the 2500 block of Southwest 143rd Avenue.

The woman told Tucker she responded to an online advertisement by David Smith, who said he worked for WDIL Holdings in New York. She said she was faxed a contract to purchase the home for $42,500. She sent WDIL Holdings a $10,000 down payment via wire transfer and monthly payments.

The woman said she first agreed to purchase another home in the 4000 block of Southwest 157th Court for $60,000, but she was told by Smith that the home had already been purchased by someone else. She said he told her about the home on Southwest 143rd Avenue, which she agreed to purchase. She said she also purchased homeowners insurance through Smith.

Tucker spoke to a man who identified himself as Smith, who said his company bought the foreclosed property through a Goldman Sachs auction. Tucker asked the man to send any documents proving his claim, but never received any paperwork.

The detective then called Goldman Sachs and a representative said they do not do online auctions of foreclosed property.

Tucker also received information that a man had responded to an online ad about the residence on Southwest 157th Court. He told the detective he agreed to buy the property from Smith for $58,000 and was sent a contract. He said he wired $15,000 to Smith's holding company, plus an additional $1,000 for closing costs and $1,195 for the title. He said he had sent monthly payments totaling more than $22,000 since buying the property last summer, and had made $10,000 in improvements on the property.

Tucker also learned that a woman responded to an ad about the home on Southwest 157th Court in April 2012 and entered into an agreement to buy it from WDIL Holdings for $61,500. She sent the company a $500 money order and $15,000 through a wire transfer.

According to reports, the victims never saw Smith. They all said that when they went to look at the homes, he said he couldn't meet them but they could enter through an unlocked back door or use a code to access a lock box on the front door.

Tucker was able to identify Smith as Wright through legal documents, photographs and a passport, and obtained the warrant for his arrest.

<p>A man who authorities said fraudulently sold two foreclosed homes and collected thousands of dollars in down payments, closing costs, monthly payments and insurance policies has been arrested in Texas and will be extradited to Marion County.</p><p>Ricardo Wright was picked up Thursday by Detective Jose Garcia of the McAllen, Texas, Police Department on a warrant for larceny.</p><p>Wright, 35, who officials said was operating under the name David Smith, will be brought to Marion County to face two counts of organized fraud, three counts of grand theft and one count of exploitation of an elderly person.</p><p>The cases, which were being investigated by Detective Todd Tucker of the Marion County Sheriff's Office, began in July 2012 when a representative from Rialto Capital Management notified the agency that a woman had moved into one of their foreclosure properties in the Rainbow Park subdivision, in the 2500 block of Southwest 143rd Avenue.</p><p>The woman told Tucker she responded to an online advertisement by David Smith, who said he worked for WDIL Holdings in New York. She said she was faxed a contract to purchase the home for $42,500. She sent WDIL Holdings a $10,000 down payment via wire transfer and monthly payments.</p><p>The woman said she first agreed to purchase another home in the 4000 block of Southwest 157th Court for $60,000, but she was told by Smith that the home had already been purchased by someone else. She said he told her about the home on Southwest 143rd Avenue, which she agreed to purchase. She said she also purchased homeowners insurance through Smith.</p><p>Tucker spoke to a man who identified himself as Smith, who said his company bought the foreclosed property through a Goldman Sachs auction. Tucker asked the man to send any documents proving his claim, but never received any paperwork.</p><p>The detective then called Goldman Sachs and a representative said they do not do online auctions of foreclosed property.</p><p>Tucker also received information that a man had responded to an online ad about the residence on Southwest 157th Court. He told the detective he agreed to buy the property from Smith for $58,000 and was sent a contract. He said he wired $15,000 to Smith's holding company, plus an additional $1,000 for closing costs and $1,195 for the title. He said he had sent monthly payments totaling more than $22,000 since buying the property last summer, and had made $10,000 in improvements on the property.</p><p>Tucker also learned that a woman responded to an ad about the home on Southwest 157th Court in April 2012 and entered into an agreement to buy it from WDIL Holdings for $61,500. She sent the company a $500 money order and $15,000 through a wire transfer.</p><p>According to reports, the victims never saw Smith. They all said that when they went to look at the homes, he said he couldn't meet them but they could enter through an unlocked back door or use a code to access a lock box on the front door.</p><p>Tucker was able to identify Smith as Wright through legal documents, photographs and a passport, and obtained the warrant for his arrest.</p><p><i>Contact Austin L. Miller at 867-4118 or austin.miller@starbanner.com.</i></p>